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12 January 2018, 09:15 | Devin Moran
South Africa's rand slips as investors book profits
Jacob Zuma remains South Africa's president for the time being as the new leader of the African National Congress, Cyril Ramaphosa, plans how to bring an end to his scandal-ridden administration without unleashing a major split in the ruling party.
Some national executive committee members are pushing for the newly elected leadership to recall Zuma and get the party on a "clean slate" ahead of the all-important 2019 national elections.
Corruption allegations have tarnished Zuma's image as well as eroded his support base and he was ordered last month to appoint a judicial inquiry into the alleged graft within 30 days. Tabled on the agenda will be Zuma's future as president of the country, according to press reports.
"It's really hard to call, it needs to close above (R) 12.52 to get out of these ranges, but a test of around (R) 12.20 can not be totally discounted", Bryson said.
President Jacob Zuma's statement, issued on the eve of a high-level ruling party meeting where his fate is a certain topic of discussion, said any further delay will make the public doubt the government's resolve to fight graft. "His hand has been forced", said Mmusi Maimane, the leader of the main opposition Democratic Alliance, reported ABC News.
Zuma said the commission would be headed by Deputy Chief Justice Raymond Mnyamezeli Mlungisi Zondo.
"The Zuma trigger today gives a glimpse of how the rand will react if Zuma does step down early, although this possibility is increasingly being priced in", said Christopher Shiells, a senior emerging market analyst at Informa Global Markets.
Mr Zuma has been accused of conspiring with a wealthy business family, the Guptas, to control lucrative state contracts.
The announcement came amid opposition calls for Zuma's impeachment.
Transform RSA was demanding "an unequivocal and unconditional undertaking" by the party and its NEC, allies and partners that there would be no intention to discuss or decide on removing Zuma from office.
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